However, the naira started this week on a weak note, with exchange rates ranging from N1000 to N1020/$1 on Monday. This represents a slight depreciation from the N970/$1 rate over the weekend. Similarly, at the official FMDQ market, the Naira depreciated slightly by 4.24 percent to N809.02/$1, down from N780.03/$1 on Friday. Meanwhile, Foreign Exchange Reserves in Nigeria increased to $33,340 million in October from $33,240 million in September 2023.
reports that the Naira has continued to fluctuate since the Central Bank of Nigeria floated the currency in the forex market on June 14, causing concerns among industry stakeholders. Kalu Aja, a financial expert, expressed his opinion in an interview with Channels Television on Monday, stating that it seems impossible for the Naira to stabilize for an extended period. 'The strength of the Naira is determined purely by crude oil sales.
on Monday, a renowned economist and former President and Chairman of the Council of Chartered Institute of Bankers, Prof Segun Ajibola, stated that the ongoing trend in the forex market is symptomatic of a currency struggling to find its fair value in the marketplace. According to him, for the Naira to regain sustainable strength, the Central Bank of Nigeria and the federal government must consistently plan to address the supply rigidities of foreign exchange.
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